How do I know if I have gap insurance?

How can I find out if I have gap insurance? My car was totaled in an accident, and I am upside-down on the loan. I remember talking about buying gap insurance at the dealership, but I can't remember if I did. Is there any way I can check?

I’m so sorry about your car—I hope you’re doing okay! To answer your question, though, your gap insurance would have been purchased at the time you bought your vehicle or added to your car insurance policy around the same time. Here’s what to do:
  • Check your insurance policy. It would show as gap insurance or loan/lease coverage
  • Contact the bank that has your car loan if you don’t see it there. They should be able to tell you if it’s part of your loan.
  • Check with your dealership if your bank doesn’t have the information you need. You may have purchased a stand-alone gap policy!
Hopefully, you can locate your gap policy. If you find that you don’t have one, unfortunately, you will be responsible for paying whatever balance is left over to the bank after the insurance claim payout.
When you are ready to get insurance for your new car, download the Jerry app. Jerry shops prices with over 50 different insurance companies—including those that have gap insurance as part of the policy!—and delivers the lowest rates straight to your phone in seconds. That way, all you need to do is pick the plan that works best for you.
Best of luck, and hopefully you recover smoothly from the accident!
Shannon Martin
Answered on Oct 22, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.

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